TotalEnergies has agreed to divest 50% of its 1.4 GW solar portfolio in North America to insurance vehicles and accounts managed by KKR, a global investment firm. The transaction values the portfolio at $1.25 billion and is expected to generate $950 million in proceeds for TotalEnergies upon closing.

The deal includes six utility-scale solar projects totaling 1.3 GW and 41 distributed generation assets (140 MW), primarily located in the United States. These assets are either under long-term power contracts or will be marketed by TotalEnergies.

TotalEnergies will retain a 50% stake and continue operating the assets following the transaction's completion, which remains subject to customary closing conditions.

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, called the agreement "a strategic partnership" that supports the company's integrated power model and enhances asset profitability. Cecilio Velasco, Managing Director at KKR, praised the deal as a fit with KKR's long-term renewable infrastructure strategy.

This move aligns with TotalEnergies' business model of divesting mature renewable assets to unlock capital and manage risk while targeting 12% profitability from its Integrated Power segment.

As of June 2025, TotalEnergies had 30 GW of installed renewable capacity and aims to reach 35 GW by year-end and 100 TWh of net electricity production by 2030.